Baku: The World Bank’s Regional Director for the South Caucasus, Rolande Pryce, has indicated that Azerbaijan has the potential for higher economic growth, forecasting an approximate growth rate of 3.2%. This statement was made during an interview with APA-Economics, highlighting the country’s significant investments and efforts to overcome the ‘middle-income trap.’

According to Azeri-Press News Agency, Pryce emphasized that the economic benefits derived from tackling the middle-income trap are contingent on the implementation level of specific recommendations. Each country, including Azerbaijan, may adopt different approaches to these recommendations. The World Bank’s Middle-Income Trap report aims to foster higher economic growth forecasts by providing tailored insights and strategies.

Pryce also mentioned the necessity of collaborating with the Azerbaijani government to deliberate on which recommendations from the report will be adopted. This collaboration will help quantify the potential contributions of these recommendations to Azerbaijan’s economic growth, marking a proactive step towards sustained economic development.

Today, the World Bank unveiled its annual global report, the 2024 World Development Report (WDR), in Baku. This year’s report, titled “Middle-Income Trap,” offers a comprehensive analysis of the hurdles and prospects for developing economies striving to transition from middle-income to high-income status.